Southeastern Packaging Technologies (SPT), a leading innovator in the consumer packaging industry and Startup Day 2015 winner, announced it has secured $700,000 in funding which will be used to accelerate the commercialization and continued development of patented FunLPro packaging technology.
“We are excited to secure financial backing to take SPT to the next level,” said Bryan Crosby, CEO of Southeastern Packaging Technologies.
The company holds a portfolio of patents around high-end dispensing closures that eliminate the need to use funnels or separate pouring devices when transferring CPG fluid products in bulk and at retail.
The funding round was led by Knoxville-based Mollenhour Gross, LLC. Willie Wallace, the CEO of Radio Systems Corp, was also part of the capital investment, as well as Ms. Mary Walker, a North Carolina resident and highly successful real estate investor.
“With this investment, we are poised to grow the presence of our closures into mass distribution, partnering with best in class brands in to 2017 and beyond. Our goal is to secure national and global adoption of our patented technologies in the consumer packaged goods space, becoming the standard for safe and efficient transfer of chemical products around the world,” said Crosby.
Jordan Mollenhour of Mollenhour Gross added: “We are thrilled for the opportunity to work alongside and invest in the SPT team. We are confident in the continued proliferation of FunLPro technology, and we believe it solves a problem experienced around the globe on a daily basis. Consumers will benefit from reduced spills and less waste when using everyday items such as motor oils, household cleaner products, medical fluids, and industrial compounds. This is a huge market. From our perspective, Southeastern Packaging Technologies will revolutionize the packaging industry and create the first major innovation in CPG packaging in over three decades.”
Established in 2004 by Jordan Mollenhour and Dustin Gross, Mollenhour Gross, LLC is a private holding company with offices in Knoxville, TN. Its portfolio companies are engaged in a variety of industries including e-commerce, warehousing fulfillment, real estate, private lending, venture capital, and software.
Bryan Crosby was awarded the $5,000 cash prize presented by BOBA (Business Owners Benefits Association) for Startup Day 2015. Crosby was one of seven startups in competition for the prize.
Crosby was also nominated for Innov865’s Traction Award.